6) What are the “P’s” of the marketing mix? Explain them.
Expert Answer
The 5Ps of marketing include:
Product: It refers to what you are offering as a whole to your customers. This includes the value added features, branding and packaging as well as service and warranty terms.
Price: It refers to the way you set prices for your products or services. It generally includes all the parts that make up your overall cost, including the product cost, transportation cost, overhead cost, marketing expense, advertised price, any discounts, sales, credit terms or other payment arrangements or price matching services you offer
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